Hopes of a steeper cut in output by Opec lifts oil price 3%
This is the first gain for both oil benchmarks after six sessions of losses triggered by coronavirus worries
02 March 2020 - 12:42
London — Oil prices jumped more than 3% on Monday, reversing an earlier fall to multiyear lows as hopes of a deeper cut in output by Opec and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude was at $51.91 a barrel, up $1.71 or 3.4%, by 9.25am GMT, having earlier hit its lowest since July 2017 at $48.40...
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